Natural gas and oil resources can be produced in many areas today at lower than current breakeven commodity prices, allowing operators to develop their portfolios and haul in strong cash flow, Chevron Corp. CEO Mike Wirth said Friday.

Wirth and CFO Pierre Breber held court with financial analysts to discuss the quarterly and full-year 2021 results during a conference call. The third and fourth quarters of 2021, Wirth said, were “the best two quarters our company’s ever seen…If we continue to see an environment like this, the balance sheet doesn’t need to be a lot stronger than it is today.”

Chevron still plans to remain “disciplined on capital,” said the CEO. The dividend has been increased, but there’s “one lever left” to pull: “returning cash through share...